The Trump administration moved Thursday to establish the United States as the dominant force in quantum computing, announcing $2 billion in equity investments across nine domestic companies as part of a coordinated push to accelerate the technology’s development and close the gap with China. The move sent shares in several of the recipients surging between 6% and 31% on the day — and for investors paying attention to the small and microcap names in the deal, the signal goes well beyond a single-session pop.
The investments will be funded through incentives under the CHIPS and Science Act, originally signed by former President Biden, and represent the latest instance of the Trump administration taking direct equity stakes in strategic technology companies — a model it has already deployed with Intel and rare-earth mining company MP Materials.
Who Gets What
IBM is the largest recipient, securing $1 billion to establish a new company called Anderon in New Albany, New York — which the administration is positioning as America’s first dedicated quantum chip manufacturing facility. IBM will contribute $1 billion alongside intellectual property, assets, and workforce, with plans to bring in additional private investors as the venture scales. Contract chipmaker GlobalFoundries received $375 million and launched a new division called Quantum Technology Solutions, with the government taking approximately a 1% equity stake in the company.
The remaining funding flows directly into smaller players. D-Wave, Rigetti Computing, and Infleqtion each received approximately $100 million, while Diraq received up to $38 million to address specific technical hurdles around error rates — one of the central engineering challenges still limiting quantum computing’s practical performance. PsiQuantum, which raised $1 billion in private funding last year from investors including Nvidia’s venture capital arm, is also among the recipients.
Rigetti Computing shares surged more than 25% Thursday. Infleqtion jumped nearly 29%. Both are among the smaller names in the cohort and carry market capitalizations well within ChannelChek’s coverage universe.
Why This Matters Beyond the Headlines
Quantum computers are designed to process information exponentially faster than conventional supercomputers, with potential applications spanning drug discovery, financial modeling, logistics optimization, and cryptography. The technology has faced persistent skepticism around timelines — Nvidia CEO Jensen Huang suggested last year that practical quantum computers could be two decades away — but Thursday’s announcement carries a specific weight that speculation does not.
The US government has demonstrated through its CHIPS Act deployment that it does not take equity positions in technologies it considers speculative. The CEO of Infleqtion made that point directly Thursday, arguing that this level of federal commitment signals the technology is advancing faster than the broader market appreciates.
For small and microcap investors, that framing is the critical takeaway. Government equity validation in early-stage technology companies has historically served as a powerful de-risking signal that accelerates institutional interest and compresses the timeline to commercialization. Several of the quantum computing companies receiving funding today were, as recently as 18 months ago, viewed primarily as speculative bets.
Thursday’s announcement reframes that narrative — and the market reaction suggests investors are adjusting their positioning accordingly.
STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm, will welcome enterprise leaders to the 2026 ISG AI Impact Summit to share strategies for delivering measurable, sustainable business value from AI initiatives.
Leaders from DraftKings, State Street, Pfizer, New York Life Insurance Company, Novartis, CVS Health, Bank of America, National Grid, SharkNinja and more will join the event, June 2 – 3 at the Wyndham Boston Beacon Hill. The summit agenda will focus on strategies for realizing value from AI and overcoming the challenges of fragmented operating models, inadequate governance and data architectures and unclear accountability for humans and AI systems.
“Organizations are confronting deeper operational questions around accountability, governance, ROI and infrastructure readiness, as AI evolves from a productivity tool into an autonomous operating layer,” said Loren Absher, director and Americas lead, ISG AI Advisory, and host of the ISG AI Impact Summit Boston. “The next phase of enterprise AI is about redesigning how business gets done.”
On the first day of the summit, Brian Walker, senior vice president of AI and Operations at DraftKings, will deliver a keynote session, “Building the AI-Native Operation: Lessons From Inside DraftKings,” on how AI is reshaping engineering, product and operational workflows, offering insights on how to decide whether to build, buy or partner for AI at scale.
The “Closing the AI ROI Gap: Why Investment is Outpacing Impact” panel discussion will feature Barbara Widholm, vice president, emerging technologies, State Street; Vivek Mukhatyar, GenAI medical engagement lead, Pfizer, and Abhishek Kumar, corporate vice president, New York Life Insurance Company, discussing the widening disconnect between AI spending and measurable business outcomes, including challenges related to governance, value attribution and scaling AI adoption.
Scott Bradley, vice president, AI & Innovation, Novartis; Radha Kuchibhotla, lead director, AI solutions design, CVS Health, and Maharaj Mukherjee, senior AI architect and senior vice president, Bank of America, will join the “Accountability by Design (not by Accident)” panel discussion to discuss governance, decision rights and accountability frameworks for human-AI operating models.
Day one will conclude with the ISG Startup Challenge, featuring Ajay Joshi, CEO, CipherSonic AI; Madhu Kumar, CEO, Amadis Technologies, and Shrey Sambhwani, chief product officer, Linc AI, pitching their innovative AI solutions to a panel of judges for an audience vote.
On day two of the summit, Bethany Singer-Baefsky, chief privacy and data governance officer, National Grid, will deliver the keynote presentation, “Governance is Not a Four-Letter-Word (but T-Rex is): Responsible AI as Competitive Advantage,” demonstrating how AI governance and data protection can drive innovation and enterprise differentiation.
Elaine Desmond, senior director, Shared Services for BJ’s Wholesale Club, will join the “New Economics of AI: Build, Buy, and the Cost Models Behind Scaling” panel discussion, and Akiba Stern, partner with Loeb & Loeb, LLP, will share practical takeaways for negotiating, in “Rewriting the Rules: What AI Is Doing to Your Contracts (and Your Leverage).”
The “Production-Ready Data: Bridging the Gap Between Insight and Action” panel discussion will feature Rohit Arora, senior director, Privacy and AI Governance, SharkNinja, and Vipul Maheshwari, vice president, Technology, Pacific Life, examining why analytics-grade data often fails to support autonomous AI decision-making and what organizations must do to create auditable, explainable and production-ready data environments.
Additional summit sessions will explore the changing economics of enterprise AI, the trade-offs and architectural implications of AI platform and tooling decisions, and how enterprises can balance autonomy, flexibility and sustainable cost management.
Accenture, Wipro and Infosys are sponsors of the ISG AI Impact Summit. Additional information and registration are available on the event website.
About ISG
ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data and research, in-depth knowledge and governance of provider ecosystems, and the expertise of its 1,500 professionals worldwide working together to help clients maximize the value of their technology investments.
Press Contacts: Laura Hupprich, ISG +1 203-517-3132 [email protected]
EriK Arvidson, Matter Communications for ISG +1 978-518-4542 [email protected]
Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, today announced the appointment of Adam Demuyakorto its Board of Directors, effective June 1, 2026. Mr. Demuyakor brings experience in technology, strategic investing, and business transformation, with a track record of advising organizations on innovation, enterprise modernization, and growth.
Mr. Demuyakor is Founder and Managing Partner of Wilshire Lane Capital, a venture capital firm focused on high-growth, technology-enabled businesses, and transformative technologies. In this role, he advises corporate partners on business modernization initiatives and has led investments across generative AI applications, enterprise software, financial technology, and infrastructure platforms.
In addition to his role at Wilshire Lane Capital, Mr. Demuyakor serves as Vice Chairman of the Housing Authority of the City of Los Angeles, the second-largest public housing authority in the United States, and he brings direct governance experience with complex governmental enterprises. Prior to founding Wilshire Lane Capital, he also held investment and advisory roles at Andreessen Horowitz, The Carlyle Group, and Morgan Stanley. Mr. Demuyakor holds a bachelor’s degree, with high honors, from Harvard College and an MBA from Harvard Business School.
“A key priority for our Board is ensuring we continue to broaden the range of skills, experiences, and perspectives represented around the table,” said Margarita Paláu-Hernández, Chair of the Board, Conduent Incorporated. “Adam’s background expands the breadth of expertise represented on our Board and enhances the diversity of thought that supports effective governance and long-term value creation.”
“Adam brings valuable experience at the intersection of technology, investment, and business transformation that will complement the capabilities of our Board,” said Harsha V. Agadi, Chief Executive Officer of Conduent. “His perspective on innovation, enterprise modernization, and AI-enabled technologies will support Conduent as we continue strengthening how we operate, advancing our technology agenda, and delivering strong outcomes for clients, associates, and shareholders.”
“I am honored to join Conduent’s Board at an important time in the company’s transformation,” said Mr. Demuyakor. “Conduent’s focus on operational excellence, client service, and technology-enabled solutions creates a strong foundation for future growth. I look forward to working with the Board and leadership team to help support the company’s long-term strategy and continued transformation.”
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 48,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $80 billion in government payments annually, enabling approximately 2.0 billion customer service interactions annually, empowering millions of employees through HR services every year and processing over 14 million tolling transactions every day. Learn more at www.conduent.com .
ATHENS, Greece, May 21, 2026 (GLOBE NEWSWIRE) — Euroseas Ltd. (NASDAQ: ESEA, the “Company” or “Euroseas”), an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, announced today its results for the three-month period ended March 31, 2026 and declared a common stock dividend.
First Quarter 2026 Financial Highlights:
Total net revenues of $55.8 million. Net income of $32.5 million or $4.67 and $4.65 earnings per share basic and diluted, respectively. Adjusted net income1 for the period was $32.9 million or $4.72 and $4.70 per share basic and diluted, respectively.
Adjusted EBITDA1 was $40.9 million.
An average of 21.0 vessels were owned and operated during the first quarter of 2026 earning an average time charter equivalent rate of $30,354 per day.
Declared a quarterly dividend of $0.80 per share for the first quarter of 2026 payable on or about June 16, 2026 to shareholders of record on June 9, 2026, as part of the Company’s common stock dividend plan.
As of May 21, 2026 we had repurchased 480,460 of our common stock in the open market, representing about 6.8% of the outstanding shares, for a total of about $11.36 million, under the share repurchase plan of up to $20 million announced in May 2022. The Board approved the continuation of the share repurchase plan for a further year in May 2026 and will review it again after a period of twelve months
Recent developments:
On May 4, 2026, Euroseas formed a joint venture with a group of investors represented by NRP Project Finance AS (“NRP Investors”) in relation to the ownership of the third 4,484 TEU vessel in the series of four 4,484 TEU vessels announced on August 25, 2025. The vessel, M/V Thrylos, is expected to be delivered in the first quarter of 2028 Under the terms of the transaction, the NRP Investors will acquire a 49% ownership interest in the vessel for total consideration of approximately $12.2 million, including certain transaction structuring costs, with the assumption that the vessel will be financed with at least 60% of debt.
________________ 1 Adjusted EBITDA, Adjusted net income and Adjusted earnings per share are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for Euroseas financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Aristides Pittas, Chairman and CEO of Euroseas commented: “We are pleased to report the financial results for one of the most profitable quarters of the last fifteen years. This was the result of our solid contracts at very profitable rates and low drydocking expenses incurred during the period. Throughout the first quarter of 2026 and in April and May 2026 to date, containership charter rates maintain their high levels. Container freight rates also maintained their level during the first quarter of 2026 and, subsequently, increased notably in April and May. Secondhand prices have remained elevated at near record levels since their recent peak in 2022.
“Our latest charter fixtures have confirmed the continuing strength of the market. With the last charters just announced today, we have [$650m] contracted revenues backlog over the next five years. Our coverage is over 90% for the rest of 2026, 88% for 2027 and 48% for 2028 ensuring that our profitability will remain strong regardless of the levels that expiring charters will be renewed at.
“During the first quarter of 2026, the shipping and macroeconomic environment we operate in has become even more uncertain due to the Iran war and the practical closure of the Strait of Hormuz. Although the near-term effect of these developments on shipping are positive due to the inefficiencies introduced in the transport of goods and the necessary vessel rerouting, the medium-term risks of increased inflation and world economic slowdown are negative factors for our industry. Other trade-related matters like the almost forgotten by now US imposed tariffs can only add to the overall uncertainty. In addition to the above, the containership market has to cope with an increasing orderbook across all segments. Still though, feeders and intermediate containerships are to face a much better supply side situation with their segment fleets likely to shrink over the next 2-3 years rather than grow as the great majority of the new orders are for larger vessels.
“We feel that the very high secondhand prices of containerships make the acquisition of secondhand vessels, less attractive. However, we feel that there is an opportunity to invest in building new vessels, the price of which is less volatile. We decided to expand our newbuilding program by adding four new shipbuilding contracts to our existing orderbook of six vessels bringing our total number of vessels on order to ten. This ten-vessel newbuilding program complements the previous nine-vessel newbuilding program we completed in early 2025. When all the ten vessels are delivered, we will have one of the youngest feeder and intermediate containership fleets amongst our peers.
“Finaly, I am also pleased to announce that our balance sheet strength and contracted revenues backlog provide us with sufficient comfort to increase the rewards to our shareholders by increasing our dividend by 6.7% to $0.80 per share providing an annualized yield of between 4.5-5% on the recent range our share price trades.”
Tasos Aslidis, Chief Financial Officer of Euroseas commented: “Our revenues for the first quarter of 2026 are slightly decreased by approximately 1% compared to the same period of 2025. The Company operated an average of 21.0 vessels, versus 23.68 vessels during the same period last year. At the same time the average time charter rates our vessels earned in the first quarter of 2026 increased by 10.1% compared to the same period of last year. Net revenues amounted to $55.8 million for the first quarter of 2026 compared to $56.3 million for the first quarter of 2025.
“Total daily vessel operating expenses, including management fees, general and administrative expenses, but excluding drydocking costs, increased by approximately 5.0%, during the first quarter of 2026 compared to the same quarter of last year. This increase is mainly attributable to the softening of the USD which increases the dollar costs of our euro denominated costs.
“Adjusted EBITDA1 during the first quarter of 2026 was $40.9 million compared to $37.1 million achieved in the first quarter of last year.
“As of March 31, 2026, our outstanding bank debt (before deducting the unamortized loan fees) was $213.3 million, versus restricted and unrestricted cash of approximately $161.4 million. As of the same date, our scheduled debt repayments over the next 12 months amounted to about $18.7 million (excluding the unamortized loan fees).”
First Quarter 2026 Results: For the first quarter of 2026, the Company reported total net revenues of $55.8 million representing a 1% decrease over total net revenues of $56.3 million during the first quarter of 2025. On average, 21.0 vessels were owned and operated during the first quarter of 2026 earning an average time charter equivalent rate of $30,354 per day compared to 23.68 vessels in the same period of 2025 earning on average $27,563 per day. The Company reported net income for the period of $32.5 million, as compared to net income of $36.9 million for the first quarter of 2025.
Voyage expenses for the first quarter of 2026 amounted to $0.2 million remaining at the same levels compared to the same period of 2025 and related to owners’ expenses incurred in various ports.
Vessel operating expenses for the first quarter of 2026 amounted to $11.2 million as compared to $12.3 million for the same period of 2025. The decreased amount is due to the lower number of vessels owned and operated in the first quarter of 2026 compared to the corresponding period of 2025.
Vessel depreciation expense for the first quarter of 2026 amounted to $6.7 million compared to $8.0 million for the same period of 2025 due to the decreased number of vessels in the Company’s fleet.
Despite the decreased numbers of vessels owned and operated, related party management fees for the first quarter of 2026 were $2.0 million, at the same level compared to the first quarter of 2025. This was the result of the adjustment for inflation in the daily vessel management fee, effective from January 1, 2026, increasing it from 840 Euros to 875 Euros, and the softening of the euro/dollar exchange rate during the period.
In the first quarter of 2025, we recorded a $10.23 million gain on the sale of M/V “Diamantis” that was completed in January 2025. No such case existed in the first quarter of 2026.
In the first quarter of 2026 none of our vessels was drydocked. The total cost of $0.05 million for the quarter relates to supplies performed for upcoming drydocks. In the first quarter of 2025 two of our vessels completed extensive repairs afloat for a total cost of $1.8 million.
General and administrative expenses slightly decreased to $1.7 million in the first quarter of 2026, as compared to $1.8 million in the first quarter of 2025 due to decreased professional fees.
Other operating income of $0.16 million recognized in the first quarter of 2026 refers to a settlement and closure of a claim with a charterer. No such case existed in the respective period of 2025.
Interest and other financing costs for the first quarter of 2026 amounted to $3.0 million. For the same period of 2025 interest and other financing costs amounted $3.9 million and the capitalized interest charged on the cost of our newbuilding program was $0.1 million. This decrease is due to the decreased benchmark rates of our loans and the decreased amount of debt in the current period compared to the same period of 2025.
For the three months ended March 31, 2026, the Company recognized a $0.3 million unrealized loss on its investments in equity securities. This was the result of an investment in equity securities with an initial cost of $20.0 million acquired in the first quarter of 2026 and fair valued at $19.7 million as of the end of the reporting period. This investment was made as part of the Company’s short-term cash and liquidity management strategy, in the context of which the Company also acquired debt securities of initial cost of $20.0 million and fair valued at $19.2 million as of March 31, 2026, classified as available-for-sale under US GAAP, for which an unrealized loss of $0.8 million was recorded in “Other comprehensive loss”.
For the three months ended March 31, 2025, the Company recognized a $0.17 million loss on its interest rate swap contract, comprising a $0.07 million realized gain and a $0.24 million unrealized loss. The specific contract was closed within the year 2025 and no such case existed in the first quarter of 2026.
Adjusted EBITDA1 for the first quarter of 2026 was $40.9 million, compared to $37.1 million achieved for the first quarter of 2025.
Basic and diluted earnings per share for the first quarter of 2026 was $4.67 and $4.65, respectively, calculated on 6,962,481 basic and 6,990,935 diluted weighted average number of shares outstanding compared to basic and diluted earnings per share of $5.31 and $5.29, respectively for the first quarter of 2025, calculated on 6,958,137 basic and 6,974,994 diluted weighted average number of shares outstanding.
The adjusted earnings per share for the quarter ended March 31, 2026, would have been $4.72 and $4.70 per share basic and diluted, respectively, compared to adjusted earnings of $3.76 per share basic and diluted for the first quarter of 2025. Usually, security analysts include Adjusted Net Income in their determination of published estimates of earnings per share.
Fleet Profile: The Euroseas Ltd. fleet profile as of May 21, 2026 is as follows:
Name
Type
Dwt
TEU
Year Built
Employment(*)
TCE Rate ($/day)
Container Carriers
SYNERGY BUSAN (*)
Intermediate
50,727
4,253
2009
TC until Dec-27
$35,500
SYNERGY ANTWERP (*)
Intermediate
50,727
4,253
2008
TC until May-28
$35,500
SYNERGY OAKLAND (*)
Intermediate
50,788
4,253
2009
TC until May-26 then until Mar-29
$42,000 $33,500
SYNERGY KEELUNG (*)
Intermediate
50,697
4,253
2009
TC until Jun-28
$35,500
EMMANUEL P (*)
Intermediate
50,796
4,250
2005
TC until Sep-28
$38,000
RENA P (*)
Intermediate
50,765
4,250
2007
TC until Jul-28
$35,500
EM KEA (*)
Feeder
42,165
3,100
2007
TC until Jul-26 then until Jul-29
$19,000 $30,000
GREGOS (*)
Feeder
38,733
2,800
2024
TC until Mar-29
$30,000
TERATAKI (*)
Feeder
38,733
2,800
2024
TC until Jul-26 Then until Jun-29
$48,000 $30,000
TENDER SOUL (*)
Feeder
38,733
2,800
2024
TC until Oct-27
$32,000
LEONIDAS Z (*)
Feeder
38,733
2,800
2024
TC until May-26 Then until Apr-29
$20,000 $30,000
DEAR PANEL(*)
Feeder
38,733
2,800
2025
TC until Nov-27
$32,000
SYMEON P(*)
Feeder
38,733
2,800
2025
TC until Nov-27
$32,000
PEPI STAR(*)
Feeder
22,563
1,800
2024
TC until Jun-26
$24,250
EVRIDIKI G (+)
Feeder
34,654
2,556
2001
TC until Jun-26
$29,500
EM CORFU (*)
Feeder
34,649
2,556
2001
TC until Aug-26
$28,000
MONICA (*)
Feeder
22,563
1,800
2024
TC until May-27
$23,500
STEPHANIA(*)
Feeder
22,563
1,800
2024
TC until May-26
$22,000
EM SPETSES (*)
Feeder
23,224
1,740
2007
TC until Feb-28
$21,500
JONATHAN P (*)
Feeder
23,732
1,740
2006
TC until Oct-26
$25,000
EM HYDRA (*)
Feeder
23,351
1,740
2005
TC until May-27
$19,000
Total Container Carriers
21
786,362
61,144
Note: (*) TC denotes time charter. All dates listed are the earliest redelivery dates under each TC unless the contract rate is lower than the current market rate in which cases the latest redelivery date is assumed; vessels with the latest redelivery date shown are marked by (+).
Vessels under construction
Type
Dwt
TEU
To be delivered
Employment
TCE Rate ($/day)
ELENA (H1711)(**)
Intermediate
56,266
4,484
Q3 2027
TC until Jun-31
$35,500
NIKITAS G (H1712) (**)
Intermediate
56,266
4,484
Q4 2027
TC until Sep-31
$35,500
THRYLOS(YZJ-1768) (**) (***)
Intermediate
56,266
4,484
Q1 2028
TC until Feb-32
$35,500
SOCRATES CH (YZJ-1769) (**)
Intermediate
56,266
4,484
Q2 2028
TC until Apr-32
$35,500
DANAI (HCY- 438)
Feeder
35,100
2,798
Q2 2028
NENI (HCY- 439)
Feeder
35,100
2,798
Q3 2028
SPYROS CH (S-1170)
Feeder
23,850
1,781
Q2 2028
GAVROS (S-1171)
Feeder
23,850
1,781
Q3 2028
TONIS M (HCY – 440)
Feeder
35,100
2,798
Q4 2028
SWEET EVELINA (HCY-441)
Feeder
35,100
2,798
Q1 2029
Total vessels under construction
10
413,164
32,690
(**) Charterer has the option to convert to a five-year charter at $32,500/day for the entire period. (***) The entity owning the vessel is 51% owned by Euroseas Ltd. and 49% by NRP Investors.
(1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s fleet during the period divided by the number of calendar days in that period.
(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was in our possession including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.
(3) The scheduled off-hire days including vessels laid-up, vessels committed for sale or vessels that suffered unrepaired damages, are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up, or vessels that were committed for sale or suffered unrepaired damages.
(4) Available days. We define available days as the Calendar days in a period net of scheduled off-hire days as defined above. We use available days to measure the number of days in a period during which vessels were available to generate revenues.
(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.
(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.
(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.
(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.
(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period.
(11) Average time charter equivalent rate, or average TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating average TCE is determined by dividing time charter revenue and voyage charter revenue, if any, net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, or are related to repositioning the vessel for the next charter. Average TCE, which is a non-GAAP measure, provides additional meaningful information in conjunction with time charter revenue and voyage charter revenue, if any,, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. Average TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Our definition of average TCE may not be comparable to that used by other companies in the shipping industry.
(12) We calculate daily vessel operating expenses, which includes crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.
(13) Daily general and administrative expenses are calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period.
(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. TVOE is the sum of vessel operating expenses, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.
(15) Daily drydocking expenses are calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period, Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred.
Conference Call and Webcast: Today, Thursday, May 21, 2026 at 08:30 a.m. Eastern Time, the Company’s management will host a conference call and webcast to discuss the results.
Conference Call details: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “Euroseas” to the operator and/or conference ID 13760749. Click here for additional participant International Toll-Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
Audio Webcast – Slides Presentation: There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company’s website. To listen to the archived audio file, visit our website http://www.euroseas.gr and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The slide presentation for the first quarter ended March 31, 2026, will also be available in PDF format minutes prior to the conference call and webcast, accessible on the company’s website (www.euroseas.gr) on the webcast page. Participants to the webcast can download the PDF presentation.
Euroseas Ltd. Unaudited Consolidated Condensed Statements of Comprehensive Income (All amounts expressed in U.S. Dollars except number of shares)
Three Months Ended March 31, 2025
Three Months Ended March 31, 2026
Revenues
Time charter revenue
57,983,415
57,535,733
Commissions
(1,637,320
)
(1,698,949
)
Net revenues
56,346,095
55,836,784
Operating expenses / (income)
Voyage expenses
232,976
166,347
Vessel operating expenses
12,251,094
11,216,018
Drydocking expenses
1,808,342
45,706
Vessel depreciation
8,045,067
6,680,851
Related party management fees
1,975,705
1,993,330
Gain on sale of vessel
(10,230,210
)
–
General and administrative expenses
1,778,918
1,701,518
Other operating income
–
(163,021
)
Total operating expenses, net
15,861,892
21,640,749
Operating income
40,484,203
34,196,035
Other (expenses) / income
Interest and other financing costs
(3,907,453
)
(3,009,526
)
Loss on derivative, net
(173,386
)
–
Loss on investments in equity securities
–
(348,820
)
Foreign exchange gain / (loss)
2,027
(17,241
)
Interest income
509,603
1,699,808
Other expenses, net
(3,569,209
)
(1,675,779
)
Net income
36,914,994
32,520,256
Earnings per share, basic
5.31
4.67
Weighted average number of shares, basic
6,958,137
6,962,481
Earnings per share, diluted
5.29
4.65
Weighted average number of shares, diluted
6,974,994
6,990,935
Other comprehensive loss:
Unrealized loss on investments in debt securities
–
(818,000
)
Other comprehensive loss
–
(818,000
)
Total comprehensive income
36,914,994
31,702,256
Euroseas Ltd. Unaudited Consolidated Condensed Balance Sheets (All amounts expressed in U.S. Dollars – except number of shares)
December 31, 2025
March 31, 2026
ASSETS
Current Assets:
Cash and cash equivalents
176,460,053
154,452,650
Restricted cash
564,027
608,168
Trade accounts receivable
10,159,572
12,257,574
Other receivables
1,365,550
1,026,227
Inventories
2,817,493
3,031,029
Accrued interest income
–
162,405
Investment in debt securities
–
19,182,000
Investment in equity securities
–
19,651,180
Prepaid expenses
984,394
1,295,371
Total current assets
192,351,089
211,666,604
Fixed assets:
Advances for vessels under construction
35,890,936
45,164,359
Vessels, net
465,913,492
459,550,867
Long-term assets:
Restricted cash
6,300,000
6,300,000
Total assets
700,455,517
722,681,830
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Long-term debt, current portion
19,151,932
18,301,932
Trade accounts payable
3,907,792
4,202,066
Accrued expenses
9,035,452
10,730,328
Accrued dividends
143,510
213,560
Deferred revenue
5,291,870
5,227,669
Due to related company
1,821,723
78,267
Total current liabilities
39,352,279
38,753,822
Long-term liabilities:
Long-term debt, net of current portion
197,659,451
193,239,404
Total long-term liabilities
197,659,451
193,239,404
Total liabilities
237,011,730
231,993,226
Shareholders’ equity:
Common stock (par value $0.03, 200,000,000 shares authorized, 7,055,881 issued and outstanding)
211,676
211,676
Additional paid-in capital
258,724,564
259,559,036
Retained earnings
204,507,547
231,735,892
Accumulated other comprehensive loss
–
(818,000
)
Total shareholders’ equity
463,443,787
490,688,604
Total liabilities and shareholders’ equity
700,455,517
722,681,830
Euroseas Ltd. Unaudited Consolidated Condensed Statements of Cash Flows (All amounts expressed in U.S. Dollars)
Three Months Ended March 31, 2025
Three Months Ended March 31, 2026
Cash flows from operating activities:
Net income
36,914,994
32,520,256
Adjustments to reconcile net income to net cash provided by operating activities:
Vessel depreciation
8,045,067
6,680,851
Amortization and write off of deferred charges
127,945
99,045
Share-based compensation
509,096
834,472
Unrealized loss on investments in equity securities
–
348,820
Gain on sale of vessel
(10,230,210
)
–
Unrealized loss on derivative
238,431
–
Amortization of fair value of below market time charters acquired
(1,218,240
)
–
Changes in operating assets and liabilities
6,838,283
(2,063,336
)
Net cash provided by operating activities
41,225,366
38,420,108
Cash flows from investing activities:
Cash paid for vessels under construction
(56,525,006
)
(9,278,133
)
Cash paid for vessel improvements
(155,303
)
(514,286
)
Net proceeds from sale of a vessel
12,875,660
–
Investment in equity securities
–
(20,000,000
)
Investment in debt securities
–
(20,000,000
)
Net cash used in investing activities
(43,804,649
)
(49,792,419
)
Cash flows from financing activities:
Cash paid for share repurchase
(1,206,021
)
–
Dividends paid
(4,518,889
)
(5,221,861
)
Loan arrangement fees paid
(429,000
)
–
Proceeds from long-term debt
52,000,000
–
Repayment of long-term debt
(15,259,090
)
(5,369,090
)
Cash retained by Euroholdings Ltd. at spin-off
(13,129,541
)
–
Net cash provided by financing activities
17,457,459
(10,590,951
)
Net increase / (decrease) in cash, cash equivalents, and restricted cash
14,878,176
(21,963,262
)
Cash, cash equivalents, and restricted cash at beginning of period
80,666,327
183,324,080
Cash, cash equivalents, and restricted cash at end of period
95,544,503
161,360,818
Cash breakdown
Cash and cash equivalents
88,333,158
154,452,650
Restricted cash, current
911,345
608,168
Restricted cash, long term
6,300,000
6,300,000
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows
95,544,503
161,360,818
Euroseas Ltd. Reconciliation of Adjusted EBITDA to Net income (All amounts expressed in U.S. Dollars)
Three Months Ended March 31, 2025
Three Months Ended March 31, 2026
Net income
36,914,994
32,520,256
Interest and other financing costs, net (incl. interest income)
3,397,850
1,309,718
Vessel depreciation
8,045,067
6,680,851
Gain on sale of vessel
(10,230,210
)
–
Loss on interest rate swap derivative, net
173,386
–
Amortization of below market time charters acquired
(1,218,240
)
–
Unrealized loss on investments in equity securities
–
348,820
Adjusted EBITDA
37,082,847
40,859,645
Adjusted EBITDA Reconciliation: Euroseas Ltd. considers Adjusted EBITDA to represent net income before interest and other financing costs, net, depreciation, loss on interest rate swap derivative, net, gain on sale of vessel, amortization of fair value of below market time charters acquired and unrealized loss on investments in equity securities. Adjusted EBITDA does not represent and should not be considered as an alternative to net income, as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance and liquidity position and because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of financial costs, loss on interest rate swaps, gain on sale of vessel, depreciation, amortization of below market time charters acquired and unrealized loss on investments in equity securities. The Company’s definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.
Euroseas Ltd. Reconciliation of Adjusted Net Income to Net Income (All amounts expressed in U.S. Dollars except share data and per share amounts)
Three Months Ended March 31, 2025
Three Months Ended March 31, 2026
Net income
36,914,994
32,520,256
Unrealized loss on derivative
238,431
–
Gain on sale of vessel
(10,230,210
)
–
Amortization of below market time charters acquired
(1,218,240
)
–
Vessel depreciation on the portion of the consideration of vessels acquired with attached time charters allocated to below market time charters
488,312
–
Unrealized loss on investments in equity securities
–
348,820
Adjusted net income
26,193,287
32,869,076
Adjusted earnings per share, basic
3.76
4.72
Weighted average number of shares, basic
6,958,137
6,962,481
Adjusted earnings per share, diluted
3.76
4.70
Weighted average number of shares, diluted
6,974,994
6,990,935
Adjusted net income and Adjusted earnings per share Reconciliation: Euroseas Ltd. considers Adjusted net income to represent net income before unrealized loss on derivative, gain on sale of vessel, amortization of below market time charters acquired, vessel depreciation on the portion of the consideration of vessels acquired with attached time charters allocated to below market time charters and unrealized loss on investments in equity securities. Adjusted net income and Adjusted earnings per share are included herein because we believe they assist our management and investors by increasing the comparability of the Company’s fundamental performance from period to period by excluding the potentially disparate effects between periods of the aforementioned items, which may significantly affect results of operations between periods.
Adjusted net income and Adjusted earnings per share do not represent and should not be considered as an alternative to net income or earnings per share, as determined by GAAP. The Company’s definition of Adjusted net income and Adjusted earnings per share may not be the same as that used by other companies in the shipping or other industries. Adjusted net income and Adjusted earnings per share are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows.
About Euroseas Ltd. Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA.
Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
The Company has a fleet of 21 vessels, including 15 Feeder containerships and 6 Intermediate containerships. Euroseas 21 containerships have a cargo capacity of 61,144 teu. After the delivery of ten containership newbuilding containerships gradually from the third quarter of 2027 until the first quarter of 2029, Euroseas’ fleet will consist of 31 vessels with a total carrying capacity of 93,834 teu.
Forward Looking Statement This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for containerships, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
CALGARY, AB, May 20, 2026 /CNW/ – InPlay Oil Corp. (TSX: IPO) (TASE: IPO) (OTCQX: IPOOF) (“InPlay” or the “Company“) is pleased to announce that the Toronto Stock Exchange (“TSX“) has accepted InPlay’s notice of intention to make a normal course issuer bid (the “NCIB“).
Under the NCIB, InPlay may purchase for cancellation, from time to time, as InPlay considers advisable, up to a maximum of 1,793,976 common shares (“Common Shares“), which represents 10% of the Company’s public float of 17,939,761 Common Shares as at May 14, 2026. As of the same date, InPlay had 28,006,416 Common Shares issued and outstanding. Purchases of Common Shares may be made on the open market through the facilities of the TSX and through other alternative Canadian trading systems at the prevailing market price at the time of such transaction. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by InPlay, subject to a maximum daily purchase limitation of 23,004 Common Shares which equates to 25% of InPlay’s average daily trading volume on the TSX of 92,017 Common Shares for the six months ended April 30, 2026. InPlay may make one block purchase per calendar week which exceeds the daily repurchase restrictions. Any Common Shares that are purchased by InPlay under the NCIB will be cancelled.
InPlay has entered into an automatic share purchase plan (“ASPP“) with a broker to facilitate repurchases of the Common Shares. Under the Corporation’s ASPP, the broker may repurchase Common Shares under the NCIB during the Corporation’s self-imposed blackout periods. Purchases will be made by the broker based upon the parameters prescribed by the TSX and applicable securities laws, as well as the terms of the ASPP and the parties’ written agreement. Outside of these blackout periods, Common Shares may be purchased under the NCIB in accordance with management’s discretion.
The NCIB will commence on May 25, 2026 and will terminate on May 24, 2027 or such earlier time as the NCIB is completed or terminated at the option of InPlay.
InPlay’s free cash flow has increased significantly in the current crude oil pricing environment. The Company believes renewing the NCIB is a prudent step in a volatile energy market, particularly during periods when the prevailing market price does not reflect the underlying intrinsic value of its Common Shares. The repurchase and cancellation of Common Shares demonstrates management’s confidence in the Company’s long-term prospects and the sustainability of its business model. By reducing the share count, the NCIB enhances per share metrics for shareholders and provides management with an additional tool within its disciplined capital allocation and shareholder return strategy.
About InPlay Oil Corp.
InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The Company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The Common Shares trade on the Toronto Stock Exchange under the symbol “IPO”, the Tel-Aviv Stock Exchange under the symbol “IPO” and the OTCQX under the symbol “IPOOF”.
For further information please contact:
Doug Bartole
Kevin Leonard
President and Chief Executive Officer
Vice President Corporate & Business Development
InPlay Oil Corp.
InPlay Oil Corp.
Telephone: (587) 955-0632
Telephone: (587) 955-0635
Caution Regarding Forward-Looking Statements
This news release contains certain statements that may constitute forward-looking information within the meaning of applicable securities laws. This information includes, but is not limited to InPlay’s intentions with respect to the NCIB and purchases thereunder and the effects of repurchases under the NCIB. Although InPlay believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because InPlay can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions by their very nature they involve inherent risks and uncertainties. Actual results could defer materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in InPlay’s Annual Information Form which has been filed on SEDAR+ and can be accessed at www.sedarplus.com.
The forward-looking statements contained in this press release are made as of the date hereof and InPlay undertakes no obligation to update publically or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The numbers Nvidia posted Wednesday evening after the closing bell were not just a beat — they were a redefinition of what a technology company can generate in a single quarter. Record revenue of $81.6 billion, up 85% year over year. Data center revenue of $75.2 billion, up 92%. Net income of $58.3 billion — a 211% increase from a year ago. Non-GAAP earnings per share of $1.87, clearing the $1.77 consensus estimate. Gross margins held at 75% despite a simultaneous transition between two major chip architectures.
And then came the guidance. Nvidia is projecting $91 billion in revenue for the current quarter — well above the $87 billion Wall Street consensus and comfortably ahead of the highest whisper numbers circulating before the print. The company announced a new $80 billion share repurchase authorization and returned approximately $20 billion to shareholders through buybacks and dividends in the quarter alone.
Nvidia’s stock rose modestly after hours, a reflection not of disappointment but of a market that had already priced in excellence and received confirmation.
What’s Driving It
The engine behind the numbers is Blackwell — Nvidia’s current generation AI chip architecture that now drives the majority of data center compute revenue. Blackwell 300 products ramped aggressively in the quarter, and Nvidia’s networking solutions — including InfiniBand, Spectrum-X Ethernet, and NVLink — posted networking revenue growth of 64% sequentially as AI factories scaled their interconnect infrastructure.
Nvidia also launched the Vera Rubin platform during the quarter — its next-generation architecture purpose-built for agentic AI workloads. The Vera CPU is described as the world’s first processor designed specifically for AI agents, with first deployments expected at Amazon Web Services, Google Cloud, Microsoft Azure, Oracle Cloud Infrastructure, and CoreWeave in the second half of 2026. At its March GTC conference, CEO Jensen Huang projected that Blackwell and Vera Rubin combined would generate $1 trillion in revenue across 2026 and 2027. Wednesday’s results do nothing to undermine that projection.
Notably, Nvidia’s Q2 guidance explicitly excludes any data center compute revenue from China — the H20 export restrictions imposed in April remain fully in effect — making the $91 billion outlook that much more significant.
The Small and Microcap Read-Through
For investors operating below the $2 billion market cap threshold, Nvidia’s quarter is not just a large-cap story. It is a forward demand signal for an entire ecosystem of smaller companies.
The top five hyperscalers — Amazon, Microsoft, Google, Meta, and Oracle — are now expected to nearly double their capital expenditure spending in 2026, a significant revision upward from prior estimates of 62% year-over-year growth. That level of infrastructure commitment does not get executed through Nvidia alone. It flows through hundreds of suppliers, component manufacturers, and technology providers operating at every layer of the AI buildout stack.
Smaller companies in specialty semiconductor materials, advanced cooling systems, power infrastructure, optical networking components, and AI-optimized software are direct downstream beneficiaries of a sustained hyperscaler capex cycle. Many of those companies sit well below the $2 billion market cap threshold and have yet to see their valuations reflect the demand environment Nvidia’s results just confirmed.
The AI infrastructure buildout is not slowing. Wednesday night’s print made that case with $81.6 billion worth of evidence.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Favorable color on Q1 results. Q1 2026 results were pressured by temporary HSN supplier disruptions, although management indicated that delayed shipments should benefit Q2 performance. Importantly, the quarter marked the beginning of commercialization for Xcel’s influencer-led portfolio as Jenny Martinez and Gemma Stafford launched on QVC and HSN.
Product Roadmap Expanding Across Multiple Categories. Early launches for Jenny Martinez and Gemma Stafford showed stronger demand for food products versus hard goods, prompting a broader push into consumables, while Cesar Millan’s Amazon storefront and pet product rollout are expected within 6–8 weeks. Notably, the food products are consumable offerings with shorter lead times, domestic production, and recurring-purchase potential.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overview. We had the opportunity to chat with SKYX management this week following the Company’s first-quarter earnings release. In short, management believes momentum continues to build with new agreements in the European hospitality business, the ongoing AI upgrading of the retail websites platform, recent capital raises which provide a runway to cash flow positive, and the potential for regulatory reform.
Key Drivers. The announced major construction and hospitality projects represent over one million units alone, with several projects projected to begin ordering this year, while management expects to deploy 100,000 units by year-end through the retail and pro channels. Turbo Heater retail sales are exceeding expectations, and the Company is developing additional line extensions here. The economy and, in particular, the housing market, remain a variable that could impact the pace of sales, in our view.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Letter. In a letter to the members of Kelly’s Board of Directors, Chris Hunt, CEO of Hunt Companies and Chairman of Kelly’s Board, requested, on behalf of Hunt Companies, that Kelly form a special committee of independent and disinterested directors so that Kelly may be prepared to discuss and evaluate new potential opportunities for Kelly involving Hunt and its affiliates if and when presented without delay.
Letter Agreement. The formation of such a committee is a requirement of the Letter Agreement between Hunt and Kelly. In its letter, Hunt states, “We want to emphasize that any potential transaction would be pursued only in accordance with the terms of the Letter Agreement,” which contains a 1-year standstill on a going private transaction, which we believe provides protection to A shareholders as management continues to transform the Company. As a reminder, in January Hunt acquired approximately 92.2% of the controlling B shares.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Jerome Powell’s tenure as Federal Reserve Chair officially ended Friday after more than seven years leading the central bank through a pandemic, the steepest rate hiking cycle in four decades, and a prolonged battle with post-pandemic inflation. His successor, Kevin Warsh, stepped into the role this week inheriting what may be the most complicated monetary policy environment since Paul Volcker confronted double-digit inflation in the early 1980s.
For small and microcap investors, the transition is not a ceremonial changing of the guard. It is a material shift in the direction of monetary policy at precisely the moment when the cost of capital is becoming the defining variable for smaller company valuations and earnings growth.
Who Warsh Is and Why It Matters
Kevin Warsh previously served as a Federal Reserve Governor from 2006 to 2011, a tenure that included navigating the 2008 financial crisis. He is widely characterized as a hawk — a policymaker with a structural preference for price stability over growth accommodation and a historically low tolerance for above-target inflation. His academic and professional profile suggests he is less likely than Powell to hold rates steady while inflation remains elevated and more willing to tighten further if price pressures persist.
He is stepping in at a moment when that disposition will be tested immediately.
The Macro Backdrop Warsh Inherits
The numbers Warsh walks into are unambiguous. The 30-year Treasury yield closed last week at 5.12% — its highest level since June 2007. The 10-year benchmark yield has breached 4.57%. The Consumer Price Index showed consumer inflation running at 3.8% year over year in April, driven heavily by energy costs tied to the ongoing US-Iran conflict. The Producer Price Index came in at 6% annually — a number that signals upstream cost pressures have not peaked. CME’s FedWatch tool currently prices in a near-certainty of a rate hold at June’s meeting, with traders assigning close to a 50% probability of at least one rate hike before year end.
That is the environment Warsh now owns. Federal Reserve Governor Stephen Miran submitted his resignation last week, effective upon Warsh’s swearing in, creating additional uncertainty around the composition and internal dynamics of the board at a critical juncture.
The Direct Small Cap Implication
The cost of capital story is where this transition becomes acutely relevant for investors in the sub-$2 billion market cap space. Small and microcap companies carry disproportionately more variable-rate debt relative to their large cap counterparts. When benchmark rates rise — or even when the probability of rate hikes increases — the interest expense on that debt rises in real time, compressing earnings directly and immediately.
Beyond debt service costs, a hawkish Fed posture extends the timeline for rate relief that many smaller companies had been counting on to refinance obligations at more favorable terms. The Russell 2000 has already declined more than 1% today while the S&P 500 trades modestly higher — a divergence that reflects exactly this dynamic playing out in real time.
A Warsh-led Fed that prioritizes inflation control over growth accommodation will likely sustain higher rates longer than markets had previously anticipated. For companies with strong balance sheets and pricing power, that is manageable. For smaller companies operating on thin margins with floating rate exposure, it is a structural headwind that belongs in every portfolio risk assessment right now.
The Powell era is over. The Warsh era begins with inflation still elevated, yields near 20-year highs, and the smallest companies in the market most exposed to whatever comes next.
ATHENS, Greece, May 20, 2026 (GLOBE NEWSWIRE) — EuroDry Ltd. (NASDAQ: EDRY, the “Company” or “EuroDry”), an owner and operator of drybulk vessels and provider of seaborne transportation for drybulk cargoes, announced today its results for the three-month period ended March 31, 2026.
First Quarter 2026 Highlights:
Total net revenues of $12.8 million.
Net income attributable to controlling shareholders, of $0.26 million or $0.09 earnings per share attributable to controlling shareholders basic and diluted.
Adjusted net income1 attributable to controlling shareholders for the quarter of $0.33 million or $0.12 earnings per share attributable to controlling shareholders basic and diluted, which represents the net income attributable to controlling shareholders excluding the unrealized loss on derivatives.
Adjusted EBITDA1 was $4.9 million.
An average of 11.0 vessels were owned and operated during the first quarter of 2026 earning an average time charter equivalent rate of $14,416 per day. Refer to a subsequent section of the Press Release for the definition and method of calculation of the time charter equivalent rate.
To date, about $5.6 million has been used to repurchase 349,330 shares of the Company, under our share repurchase plan of up to $10 million, announced in August 2022. The Board approved the continuation of the share repurchase plan for a further year in August 2025 and will review it again after a period of twelve months.
____________________________ 1Adjusted EBITDA, Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders are not recognized measurements under US GAAP (GAAP) and should not be used in isolation or as a substitute for EuroDry’s financial results presented in accordance with GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Recent developments
The Company has signed two contracts with Hengli Shipbuilding (Dalian) for the construction of two 82,000 DWT Kamsarmax bulk carriers. Both vessels are eco and are built to EEDI phase 3 design standard; they are scheduled to be delivered during the first and second quarters of 2028. The total consideration for the two newbuilding contracts is approximately $74.0 million and will be financed with a combination of debt and equity. The contracts are conditional upon receiving a refund guarantee from a bank acceptable to the Company.
Aristides Pittas, Chairman and CEO of EuroDry commented: “During the first quarter of 2026, a seasonally slow quarter, the drybulk market gave up very little ground as compared to the last quarter of last year. Additionally in April and May 2026, the market has firmed across the board with one-year time charter rates and trip earnings flirting and reaching $20,000 per day for both Ultramaxes and Kamsarmaxes.
“Our profitability during the first quarter fully reflected the market conditions with our earnings dropping compared to the fourth quarter in consequence of the easing of market rates during the quarter. But as the market has increased during the last month and a half, so has our profitability, a development that we expect to be reflected in next quarter’s results.
“Whilst the global fleet is aging and the need to provide the market with newer and more efficient vessels is becoming apparent, we see that prices of modern secondhand vessels have significantly increased. Under the circumstances we believe that newbuilding orders which can be placed at prices below modern secondhand ship prices present a better opportunity. We have therefore decided to expand our newbuilding program to include two Kamsarmax vessels to complement the two Ultramaxes we had ordered earlier. After the delivery of all four vessels between Q2 2027 and Q2 2028, our fleet will consist almost entirely of modern eco vessels. As, I believe, we have demonstrated over the past eight years as an independent public company, we invest in a disciplined manner with the sole focus on identifying accretive opportunities for our shareholders and we intend to continue with the same philosophy.”
Tasos Aslidis, Chief Financial Officer of EuroDry commented: “Our net revenues for the first quarter of 2026 were higher by 38.9% as compared to the first quarter of 2025. This is primarily driven by the increase of 101.1% in average time charter equivalent rates our vessels earned during the current quarter as compared to the first quarter of 2025, partly offset by the decreased average number of vessels owned and operated in the current period compared to the same period of 2025.”
“Vessel operating expenses were $5.5 million for the first quarter of 2026 as compared to $6.6 million for the same period of 2025. The decrease is mainly attributable to the decreased average number of vessels owned and operated in the first quarter of 2026 compared to the corresponding period in 2025.“
“Adjusted EBITDA during the first quarter of 2026 was $4.9 million compared to $(1.0) million achieved for the first quarter of last year. As of March 31, 2026, our outstanding debt (excluding the unamortized loan fees) was $100.9 million versus restricted and unrestricted cash of approximately $24.9 million.”
First Quarter 2026 Results: For the first quarter of 2026, the Company reported total net revenues of $12.8 million representing a 38.9% increase over total net revenues of $9.2 million during the first quarter of 2025, which was the result of the increased time charter rates our vessels earned during the first quarter of 2026, partly offset by the decreased average number of vessels owned and operated during the first quarter of 2026, compared to the same period of 2025. On average, 11.0 vessels were owned and operated during the first quarter of 2026 earning an average time charter equivalent rate of $14,416 per day compared to 12.8 vessels in the same period of 2025 earning on average $7,167 per day.
For the first quarter of 2026, a gain on bunkers resulted in positive voyage expenses of $0.3 million compared to voyage expenses of $1.7 million in the first quarter of 2025 that mainly related to vessels repositioning between charters and expenses during operational off-hire time.
Vessel operating expenses decreased to $5.5 million for the first quarter of 2026 from $6.6 million in the same period of 2025. The decrease is mainly attributable to the decreased average number of vessels owned and operated in the first quarter of 2026 compared to the corresponding period in 2025.
In the first quarter of 2026, one of our vessels completed its special survey with drydock for a total cost of $0.7 million. In the first quarter of 2025 one of our vessels completed its intermediate survey in water, for a total cost of $0.1 million.
Depreciation expense for the first quarter of 2026 was $2.9 million compared to $3.2 million for the same period of 2025 as a result of the lower number of vessels owned and operated in the first quarter of 2026.
Related party management fees for the period were $1.1 million remaining at the same level compared to the same period of 2025. This was the result of the decreased number of vessels owned and operated in the first quarter of 2026, offset by the adjustment for inflation in the daily vessel management fee, effective from January 1, 2026, increasing it from 850 Euros to 875 Euros, as well as by the unfavorable movement of the euro/dollar exchange rate during the period.
General and administrative expenses were $0.9 million for the first quarter of 2026, slightly increased compared to the same period of last year.
On January 29, 2025, the Company signed an agreement to sell M/V Tasos, a 75,100 dwt drybulk vessel, built in 2000, for demolition, for approximately $5 million. The vessel was delivered to its buyers, an unaffiliated third party, on March 17, 2025, resulting in a gain on sale of $2.1 million. No case of vessel sale exists within the first quarter of 2026.
Interest and other financing costs for the first quarter of 2026 decreased to $1.5 million as compared to $1.8 million for the same period of 2025. Interest expense during the first quarter of 2026 was lower mainly due to the decreased benchmark rates of our loans and the decreased average debt during the first quarter of 2026, as compared to the same period of last year.
For the three months ended March 31, 2026, the Company recognized a $0.07 million unrealized loss and a $0.09 million realized loss on forward freight agreement contracts. For the three months ended March 31, 2025, the Company recognized a $0.13 million unrealized loss and a $0.04 million realized gain on one interest rate swap.
The Company reported a net income for the period of $0.4 million and a net income attributable to controlling shareholders of $0.3 million, as compared to a net loss of $4.0 million and a net loss attributable to controlling shareholders of $3.7 million for the same period of 2025. The net income attributable to the non-controlling interest of $0.2 million in the first quarter of 2026 represents the income attributable to the 39% ownership of the entities owning the M/V Christos K and M/V Maria represented by NRP Project Finance AS (“NRP investors”) (the “Partnership”).
Adjusted EBITDA for the first quarter of 2026 was $4.9 million compared to $(1.0) million achieved during the first quarter of 2025.
Basic and diluted earnings per share attributable to controlling shareholders for the first quarter of 2026 were $0.09, calculated on 2,796,647 and 2,828,521 basic and diluted weighted average number of shares outstanding, respectively, compared to a basic and diluted loss per share attributable to controlling shareholders of $1.35 for the first quarter of 2025, calculated on 2,737,297 basic and diluted weighted average number of shares outstanding.
Excluding the effect on the net (loss) / income attributable to controlling shareholders for the quarter of the unrealized loss on derivatives and the net gain on sale of vessel (if any), the adjusted earnings attributable to controlling shareholders for the quarter ended March 31, 2026 would have been $0.12 per share basic and diluted, compared to an adjusted loss of $2.07 per share, basic and diluted, attributable to controlling shareholders for the quarter ended March 31, 2025. Usually, security analysts do not include the above item in their published estimates of earnings per share.
Fleet Profile:
The EuroDry Ltd. fleet profile is as follows:
Note: (*) TC denotes time charter. Charter duration indicates the earliest redelivery date. (**) The entity owning the vessel is 61% owned by EuroDry and 39% by NRP Investors. (***) The average Baltic Supramax S10TC Index is an index based on ten Supramax time charter routes. (****) Gross Ballast Bonus (GBB), refers to the payments made by the charterer which serve as compensation for the ballast trip of the vessel from the last port of discharge to the delivery port.
Summary Fleet Data:
(1) Average number of vessels is the number of vessels that constituted the Company’s fleet for the relevant period, as measured by the sum of the number of calendar days each vessel was a part of the Company’s fleet during the period divided by the number of calendar days in that period.
(2) Calendar days. We define calendar days as the total number of days in a period during which each vessel in our fleet was owned by us including off-hire days associated with major repairs, drydockings or special or intermediate surveys or days of vessels in lay-up. Calendar days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during that period.
(3) The scheduled off-hire days including vessels laid-up are days associated with scheduled repairs, drydockings or special or intermediate surveys or days of vessels in lay-up.
(4) Available days. We define available days as the total number of Calendar days in a period net of scheduled off-hire days incl. laid up. We use available days to measure the number of days in a period during which vessels were available to generate revenues.
(5) Commercial off-hire days. We define commercial off-hire days as days a vessel is idle without employment.
(6) Operational off-hire days. We define operational off-hire days as days associated with unscheduled repairs or other off-hire time related to the operation of the vessels.
(7) Voyage days. We define voyage days as the total number of days in a period during which each vessel in our fleet was in our possession net of commercial and operational off-hire days but including days our vessels were sailing for repositioning. We use voyage days to measure the number of days in a period during which vessels actually generate revenues or are sailing for repositioning purposes.
(8) Fleet utilization. We calculate fleet utilization by dividing the number of our voyage days during a period by the number of our available days during that period. We use fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons such as unscheduled repairs or days waiting to find employment.
(9) Fleet utilization, commercial. We calculate commercial fleet utilization by dividing our available days net of commercial off-hire days during a period by our available days during that period.
(10) Fleet utilization, operational. We calculate operational fleet utilization by dividing our available days net of operational off-hire days during a period by our available days during that period.
(11) Average time charter equivalent rate, or average TCE, is a measure of the average daily net revenue performance of our vessels. Our method of calculating average TCE is determined by dividing time charter revenue and voyage charter revenue, if any, net of voyage expenses by voyage days for the relevant time period. Voyage expenses primarily consist of port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract or are related to repositioning the vessel for the next charter. Average TCE provides additional meaningful information in conjunction with time charter revenue and voyage charter revenue, if any, the most directly comparable GAAP measure, because it assists our management in making decisions regarding the deployment and use of our vessels and because we believe that it provides useful information to investors regarding our financial performance. Average TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance despite changes in the mix of charter types (i.e., spot voyage charters, time charters, pool agreements and bareboat charters) under which the vessels may be employed between the periods. Our definition of average TCE may not be comparable to that used by other companies in the shipping industry.
(12) We calculate daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs and related party management fees by dividing vessel operating expenses and related party management fees by fleet calendar days for the relevant time period. Drydocking expenses are reported separately.
(13) Daily general and administrative expense is calculated by us by dividing general and administrative expenses by fleet calendar days for the relevant time period.
(14) Total vessel operating expenses, or TVOE, is a measure of our total expenses associated with operating our vessels. We compute TVOE as the sum of vessel operating expenses, related party management fees and general and administrative expenses; drydocking expenses are not included. Daily TVOE is calculated by dividing TVOE by fleet calendar days for the relevant time period.
(15) Daily drydocking expenses is calculated by us by dividing drydocking expenses by the fleet calendar days for the relevant period. Drydocking expenses include expenses during drydockings that would have been capitalized and amortized under the deferral method. Drydocking expenses could vary substantially from period to period depending on how many vessels underwent drydocking during the period. The Company expenses drydocking expenses as incurred.
Conference Call and Webcast: Today, May 20, 2026 at 9:00 a.m. Eastern Time, the Company’s management will host a conference call and webcast to discuss the results.
ConferenceCalldetails: Participants should dial into the call 10 minutes before the scheduled time using the following numbers: 877 405 1226 (US Toll-Free Dial In) or +1 201 689 7823 (US and Standard International Dial In). Please quote “EuroDry” to the operator and/or conference ID 13760747. Click here for additional participant International Toll -Free access numbers.
Alternatively, participants can register for the call using the call me option for a faster connection to join the conference call. You can enter your phone number and let the system call you right away. Click here for the call me option.
AudioWebcast-SlidesPresentation: There will be a live and then archived webcast of the conference call and accompanying slides, available on the Company’s website. To listen to the archived audio file, visit our website http://www.eurodry.gr and click on Company Presentations under our Investor Relations page. Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
The slide presentation for the first quarter ended March 31, 2026, will also be available in PDF format 10 minutes prior to the conference call and webcast, accessible on the company’s website (www.eurodry.gr) on the webcast page. Participants to the webcast can download the PDF presentation.
EuroDry Ltd. Unaudited Consolidated Condensed Statements of Operations (All amounts expressed in U.S. Dollars – except number of shares)
EuroDry Ltd. Unaudited Consolidated Condensed Statements of Operations (All amounts expressed in U.S. Dollars – except number of shares)
EuroDry Ltd. Unaudited Consolidated Condensed Statements of Cash Flows (All amounts expressed in U.S. Dollars)
EuroDry Ltd. Reconciliation of Net (loss) / income to Adjusted EBITDA (All amounts expressed in U.S. Dollars)
Adjusted EBITDA Reconciliation: EuroDry Ltd. considers Adjusted EBITDA to represent net (loss) / income before interest and other financing costs, income taxes, vessel depreciation, unrealized loss on Forward Freight Agreements (“FFAs”), loss on interest rate swap derivative and net gain on sale of vessel. Adjusted EBITDA does not represent and should not be considered as an alternative to net loss, as determined by United States generally accepted accounting principles, or GAAP. Adjusted EBITDA is included herein because it is a basis upon which the Company assesses its financial performance because the Company believes that this non-GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period by excluding the potentially disparate effects between periods of, financial costs, unrealized loss on FFAs, loss on interest rate swap derivative, vessel depreciation and net gain on sale of vessel. The Company’s definition of Adjusted EBITDA may not be the same as that used by other companies in the shipping or other industries.
EuroDry Ltd. Reconciliation of Net (loss) / income attributable to controlling shareholders to Adjusted net (loss) / income attributable to controlling shareholders (All amounts expressed in U.S. Dollars – except share data and number of shares)
Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders Reconciliation:
EuroDry Ltd. considers Adjusted net (loss) / income attributable to controlling shareholders, to represent net (loss) / income before unrealized loss on derivatives, which includes FFAs and interest rate swaps, and net gain on sale of vessel. Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders is included herein because we believe they assist our management and investors by increasing the comparability of the Company’s fundamental performance from period to period by excluding the potentially disparate effects between periods of the abovementioned items, which may significantly affect results of operations between periods.
Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders do not represent and should not be considered as an alternative to net (loss) / income attributable to controlling shareholders or (loss) / earnings per share attributable to controlling shareholders, as determined by GAAP. The Company’s definition of Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders may not be the same as that used by other companies in the shipping or other industries. Adjusted net (loss) / income attributable to controlling shareholders and Adjusted (loss) / earnings per share attributable to controlling shareholders are not adjusted for all non-cash income and expense items that are reflected in our statement of cash flows.
About EuroDry Ltd. EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd into a separate listed public company. EuroDry was spun-off from Euroseas Ltd on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY.
EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day-to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters.
The Company has a fleet of 11 vessels, including 3 Panamax drybulk carriers, 5 Ultramax drybulk carriers, 2 Kamsarmax drybulk carriers and 1 Supramax drybulk carrier. EuroDry’s 12 drybulk carriers have a total cargo capacity of 766,420 dwt. After the delivery of two Ultramax vessels in 2027 and the delivery of the two Kamsarmax vessels in 2028, the Company’s fleet will consist of 15 vessels with a total carrying capacity of 1,050,420 dwt.
Forward Looking Statement This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and the Company’s growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as “expects,” “intends,” “plans,” “believes,” “anticipates,” “hopes,” “estimates,” and variations of such words and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates that are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of the Company. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for dry bulk vessels, competitive factors in the market in which the Company operates; risks associated with operations outside the United States; and other factors listed from time to time in the Company’s filings with the Securities and Exchange Commission. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
The New Licensing Agreement Expands SKYX’s Go-To-Market Channels as It Continues to Grow Its Market Penetration with Builders, Hotels, and Retail Segments
Eurofase Operates Globally with a Manufacturing and Distribution Network Spanning U.S., Canada, Europe, and Asia with Advanced Lighting Applications for Buildings, Hotels, Residential and Commercial Segments
SKYX’s Technologies Expansion Provides Additional Opportunities for Future Recurring Revenues through Interchangeability, Upgrades, AI Services, Monitoring, Subscriptions, Among Others
MIAMI, May 20, 2026 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), an award winning highly disruptive advanced smart home and AI platform technology company with over 100 U.S. and global pending and issued patents and a portfolio of 60 lighting and home décor websites, with a mission to make homes and buildings become advanced-safe-smart instantly as the new standard, today announced it signed a licensing agreement with U.S, Canada, and global leading lighting company Eurofase.
This licensing agreement further validates SKYX’s vast U.S. and global B2B go-to-market opportunities including builder, hotel, and residential segments. SKYX technologies reduce up to 90% of time and cost of hotel and building renovations and new build installations. SKYX will work together with Eurofase on their vast builder, hotel, residential and commercial segments.
For over 30 years Eurofase has set the benchmark for luxury lighting and architectural systems as well as advanced heating solutions. Eurofase operates globally with a manufacturing and distribution network spanning the U.S., Canada, Europe, and Asia. Eurofase’s commitment to exceptional design and craftsmanship transforms spaces and inspires limitless design possibilities for buildings, hotels, residential and commercial applications.
Eurofase is known as a trusted partner to contractors, architects, and designers offering a diverse range of high-quality, innovative lighting and heating products tailored for commercial, residential and hospitality applications.
Zack Sharon, Senior Vice President of Sales & Product Management of Eurofase Lighting, said; “We are very excited to license SKYX’s disruptive and cutting-edge technologies for buildings, hotels, and homes. We intend to introduce SKYX technologies to our vast range of B2B customers comprising our builder and hotel segments, as well as during our upcoming trade shows including the June 9/10, 2026, Hotel and Cruise Ship Expo in Miami. The cutting-edge and significant time and cost saving aspects provided by SKYX’s technologies are key elements in enhancing safety and advancing hotel and building standards and will assist Eurofase gain even a stronger footprint within our hospitality segment.”
Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said; “We are excited to sign a licensing agreement with U.S., Canada and global leading lighting company Eurofase. This licensing agreement fits well with our strategy to expand our go to market channels in the U.S. and globally. We look forward to working together with Eurofase on their vast builder, hotel, residential and commercial segments.”
For more information about Eurofase click here: www.eurofase.com
For more information about SKYX click here: www.skyx.com
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced, safe smart home and AI platform technologies, with over 100 U.S. and global patents and patent pending applications. Additionally, the Company owns 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://www.skyx.com/ or follow us on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s ability to achieve positive cash flows; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Company Highlights Potential Role of MVA-Based Vaccine Technologies in Addressing Emerging Hemorrhagic Fever Threats, Including Ebola and Marburg Viruses
ATLANTA, GA – May 20, 2026 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies against infectious diseases and cancer, today commented on the rapidly evolving Bundibugyo Ebola virus (BDBV) outbreak in Central Africa and the broader implications for global infectious disease preparedness and biodefense infrastructure.
The recent declaration by the World Health Organization (WHO) of a Public Health Emergency of International Concern (PHEIC) related to the outbreak has intensified concerns regarding global readiness for emerging viral threats, particularly less common Ebola species for which no broadly licensed vaccines currently exist.
GeoVax noted that its MVA-based hemorrhagic fever vaccine development programs have previously demonstrated encouraging preclinical protection signals across multiple filovirus targets, including Ebola and Marburg viruses. Key findings from previously completed studies include:
MVA-EBOV (Zaire Ebola): Demonstrated single-dose protection against lethal Zaire Ebola virus challenge in non-human primates, supporting the potential of MVA-based rapid-response filovirus vaccines.
MVA-SUDV (Sudan Ebola): Demonstrated protective efficacy in multiple preclinical challenge models, including single-dose protection in guinea pigs and survival benefit in non-human primates.
MVA-MARV (Marburg): Demonstrated significant survival protection in rigorous non-human primate challenge studies, supporting further development of MVA-based Marburg vaccine strategies.
“These outbreaks collectively reinforce a growing reality: preparedness against one viral strain does not necessarily ensure preparedness against the next,” said David A. Dodd. “The world is entering an era of continuous infectious disease emergence and re-emergence, where scalable vaccine platforms, diversified manufacturing capabilities, and flexible biodefense infrastructure will become increasingly important.”
Unlike prior Ebola outbreaks involving the Zaire ebolavirus species, the current outbreak involves the Bundibugyo species, which presently lacks a specifically approved vaccine for broad deployment. Public health experts have increasingly noted that the outbreak exposes limitations in existing strain-specific preparedness strategies and reinforces the importance of adaptable vaccine technologies capable of addressing multiple high-consequence pathogens.
The Company believes that MVA-based vaccine platforms may offer several important strategic advantages in responding to emerging infectious disease threats, including:
established safety and tolerability profiles,
flexibility for incorporation of multiple antigens,
potential applicability across multiple viral families,
suitability for rapid adaptation, and
the potential for development of multivalent single-dose vaccine approaches targeting multiple hemorrhagic fever pathogens simultaneously.
“Outbreaks involving Ebola, mpox, Marburg, hantavirus, and other emerging pathogens collectively reinforce the growing need for platform technologies capable of supporting rapid response against evolving threats,” added Mr. Dodd. “The lessons emerging from the current outbreak extend beyond Ebola itself and increasingly point toward the need for resilient, scalable, geographically distributed vaccine manufacturing capacity and second-source biodefense preparedness.”
GeoVax is currently advancing GEO-MVA, its MVA-based vaccine candidate targeting mpox and smallpox, designed to support growing global demand for orthopox preparedness while contributing to the development of domestic U.S.-based MVA manufacturing capability. The pivotal Phase 3 immunobridging study of GEO-MVA, in support of an expedited regulatory path provided by the European Medicines Agency (EMA), is scheduled to initiate in Q4 2026, with data results anticipated within approximately three months following trial initiation.
The Company believes the broader strategic relevance of MVA-based technologies continues to expand as governments and public health organizations increasingly prioritize:
supply-chain resilience,
domestic manufacturing,
flexible vaccine platforms, and
preparedness against multiple emerging infectious disease threats.
About GeoVax
GeoVax Labs, Inc. is a clinical-stage biotechnology company focused on the development of vaccines and immunotherapies addressing high-consequence infectious diseases and solid tumor cancers. GeoVax’s priority program is GEO-MVA, a Modified Vaccinia Ankara (MVA)–based vaccine targeting mpox and smallpox. The program is advancing under an expedited regulatory pathway, with plans to initiate a pivotal Phase 3 clinical trial in the second half of 2026, to address critical global needs for expanded orthopoxvirus vaccine supply and biodefense preparedness. In oncology, GeoVax is developing Gedeptin®, a gene-directed enzyme prodrug therapy (GDEPT) designed to enhance immune checkpoint inhibitor activity. Gedeptin has completed a multicenter Phase 1/2 clinical trial in advanced head and neck cancer and is being advanced into combination strategies, including planned neoadjuvant and first-line settings. GeoVax’s broader pipeline includes the development of GEO-CM04S1, a next-generation COVID-19 vaccine candidate being evaluated in immunocompromised and other patient populations. GeoVax maintains a global intellectual property portfolio supporting its infectious disease and oncology programs and continues to evaluate strategic partnerships and funding opportunities aligned with its development priorities. For more information, visit www.geovax.com.
Forward-Looking Statements
This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.
Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
